An S corporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis of $200,000 in their stock before this distribution. What is the shareholders' total basis in inventory received? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!

An S corporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis of $200,000 in their stock before this distribution. What is the shareholders' total basis in inventory received? DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: Vertical Analysis Income statement information for Einsworth Corporation follows: Sales $509,000…

A: Vertical analysis: The comparison of an item of a financial statement against the total amount of…

Q: If I tried to use this method when doing other problems will all the negatives always be…

A: No, not necessarily. In standard costing problems, negative variances can be either favorable or…

Q: Not sure what i'm doing wrong.

A: Direct labor cost budget shows the total direct labor cost and number of direct labor hours needed…

Q: It says that step a is wrong. That those are not the right ROI's. Is there another way to solve that…

A: Introduction:- Return on investment indicates how well an investment performed in comparison to the…

Q: my instructor advises this answer is incorrect

A: Present value is an estimate of the present value of future cash values that may be received at a…

Q: State the criticism of MM approach.

A: The Markowitz Model (MM), developed by Harry Markowitz in 1952, is a mathematical model that seeks…

Q: unqualified is not the correct answer

A: PCAOB standards are those standards which maintain as well as establish the high quality of auditing…

Q: Crane Ltd issued $1,200,000 of 10years, 5% bonds on January 1,2024,when the market interest rate was…

A: Approach to solving the question: For better clarity of the solution, I have attached the Excel…

Q: not sure why, but that is not the correct solution to the question.

A: Present value With future value (FV), periodic interest rate (r) and period (n), the present value…

Q: Unfortunately it says that that is wrong, thats the answer i came up with at first also

A: Annual payment (A) = $1050 Annual interest rate (r) = 0.06 or 6% Period (p) = 21 years Total value…

Q: Wrong Answer. There is nothing in the question that isn't in English

A: Marika Katz bought a new blazer and insured it with compulsory insurance 10/20/5.10/20/5…

Q: y question is that I put the answer and for some reason is wrong

A: Annuity is a series of equal payments at equal interval for a specified period. With periodic rate…

Q: How to address Yin’s statement and how to resolve the ‘not readily bound’ case.

A: Taming the Fuzzy Edges: Addressing Unbound Cases in Case Study ResearchCase studies, a cornerstone…

Q: All of the answers you gave me is incorrect

A: Material variance is the difference between the actual cost of direct materials and the expected…

Q: Working out is not right, can you try again

A: Given,Face value (nominal value) = £100Issue price = £115Coupon rate = 6.6% p.a.Redemption value =…

Q: What weights should Ms. Thompson recommend for Colin’s strategy? specifically. its not clear from…

A: Portfolio duration and convexity are their weighted average.

Q: List the common biases and errors in decision-making. Provide suggestions for how to avoid falling…

A: There are many errors and biases inn decision making such as.1.Overconfidence Bias2.Anchoring…

Q: t more difficult to maintain a short position than a long position. True or false? Explain your ans

A: There are two methods in the stock market one is to go long in the market and other is you go short…

Q: Why would a proposal not be accepted

A: A proposal refer to a document containing details of how to implement the plans for achieving the…

Q: Ethical lapses and poor judgement often come from a sense of entitlement. What are some things a…

A: How can ethical Judgement be improved?As ethical behaviour becomes increasingly important in…

Q: How do you find the error of trial balance. Please explain to me in a easiest way to remember

A: Following are the steps that can be used to find out the errors in a trial balance: Step 1: Total…

Q: If you approach a decision in the spirit of 'trial and error', you often O a. irreversible Ob. O b.…

A: A type of learning in which the organism successively tries various responses in a situation,…

Q: The legal environment has little impact on human resource management decision making. Question…

A: Solution: False, The legal environment has big impact on human resource management decision making.

Q: discuss how critical thinking skills will make you less likely to be influenced by arguments that…

A: The fallacies are the wrong move a person takes instead of a rational judgment. They may be…

Q: In what ways is this true or untrue?

A: Asset is anything which is owned and controlled by the entity which will provide the future economic…

Q: the answer is wrong and i still couldnt get past the question.

A: Horizontal Analysis - Under Horizontal Analysis two years ledgers are compared of the same company.…

Q: they didnot answer it completely,

A: d. The total amount of interest that will be paid over the life of the loan is: Sum of all periodic…

Q: Can you explain b more? I'm not entirely comprehending it.

Q: Alex launched a company with $500K initial investments and 100K shares. Angel X invested $200K…

A: The number of shares at the time of conversion is computed by dividing the market value of the…

Question

This answer is wrong . please give me the right answer.

An S corporation distributes inventory with a basis of $30,000 and a value of $60,000 to its three shareholders who have a total basis
of $200,000 in their stock before this distribution.
What is the shareholders' total basis in inventory received?
DO NOT USE COMMAS OR DOLLAR SIGNS IN YOUR ANSWER!!
Answer: 90000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Introduction

VIEW

Step 2: Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What does a deficiency judgment mean?
A Framework for decision making: a. can help reduce the unexpected consequences of our actions. b. is not needed if the activity is legal. c. helps identify who gains the most from a decision.
the answer provided does not support the question. which makes the answer incorrect.
What is underpricing? Why is it used? What evidence do we have to support the belief that underpricing is a regular problem?
What is Descartes's account of error? How do we make one and how can we avoid making one?
do you not see the solution you provided is the exact one i submitted, it says it's wrong..
It says they answers are wrong from your example.